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TAT HONG HOLDINGS LTD


TAT HONG HOLDINGS LTD
(Business Registration No. 199105392H) A Company Registered in the Republic of Singapore

PROPOSED JOINT VENTURE IN JIANGSU, THE PEOPLE'S REPUBLIC OF

CHINA 1. INTRODUCTION

The Board of Directors of Tat Hong Holdings Ltd (the "Company") wishes to announce that Shanghai Tat Hong Equipment Rental Co., Ltd. (上海达丰机械租赁有限公司) ("STH"), a 90% owned subsidiary of the Company, has on 3rd April, 2007, entered into a joint venture agreement (the "Joint Venture Agreement") with China Nuclear Industry Huaxing Construction Company Limited (中国核工业华兴建设有限公司) ("CNIHC"), Gao Song (高颂) ("GS") and Sun Zhaolin (孙 兆林) ("SZL") in relation to the investment by STH in Jiangsu China Nuclear Industry Huaxing Construction Machinery Co., Ltd (江苏中核华兴建筑机械施工有限公司) (to be renamed as China Nuclear Huaxing Tat Hong Construction Machinery Co., Ltd (中核华兴达丰建筑机械施工有限公 司)) (the "Joint Venture Company"). 2. INVESTMENT BY STH

Under the Joint Venture Agreement, subject to satisfactory legal and financial due diligence reviews on the Joint Venture Company to be carried out by the consultants of STH and SZL: (i) STH will acquire registered capital amounting to RMB2,170,000 of the Joint Venture Company (representing approximately 32.88% of the equity interest in the Joint Venture Company) from CNIHC at RMB5,642,000; STH will acquire registered capital amounting to RMB2,869,760 of the Joint Venture Company (representing approximately 43.48% of the equity interest in the Joint Venture Company) from GS at RMB7,461,376; SZL will acquire registered capital of the Joint Venture Company amounting to RMB330,000 (representing 5% of the of the equity interest in the Joint Venture Company) from GS at RMB858,000; (collectively, the "Acquisitions"); (iv) within one (1) month from the completion of the Acquisitions, CNIHC, GS, STH and SZL will procure the increase of the registered capital of the Joint Venture Company from RMB6,600,000 to RMB66,600,000 (the "Capital Increase"). STH, CNIHC, GS and SZL will each subscribe for the Capital Increase in proportion to their respective shareholdings in the Company as follows: STH GS CNHIC SZL Capital contribution RMB 45,816,000 RMB 8,184,000 RMB 3,000,000 RMB 3,000,000

(ii)

(iii)

Page 2 3 April 2007 PROPOSED JOINT VENTURE IN JIANGSU, THE PEOPLE'S REPUBLIC OF CHINA

Upon the completion of the Capital Increase, the Joint Venture Company will have a registered capital of RMB 66,600,000. The shareholding proportion of the parties in the Joint Venture Company will be as follows: Shareholders STH GS CNHIC SZL Registered Capital RMB 50,855,760 RMB 9,084,240 RMB 3,330,000 RMB 3,330,000 Shareholding proportion 76.36% 13.64% 5.00% 5.00%

The aggregate investment amount of STH in the Joint Venture Company is RMB58,919,376 and will be funded through internal sources and external borrowings. The purchase consideration payable by STH under the Acquisitions was arrived at on a willing-buyer willing-seller basis. Based on the audited accounts of the Joint Venture Company as at 31 December 2006 and before the capital increase, the net tangible asset value of the 76.36% equity interests in the Joint Venture Company was RMB 5,042,984. To the best of the knowledge of the Directors of the Company, the investment by STH in the Joint Venture Company is not expected to have significant impact on the earnings per share and net asset value per share of the Company and its subsidiaries for the year ending 31 March 2008. None of the Directors or controlling shareholders of the Company has any interest, direct or indirect, in the Joint Venture Agreement. 3. INFORMATION ON THE JOINT VENTURE COMPANY

The Joint Venture Company is and will be principally engaged in the provision of rental of tower cranes, heavy lifting equipment and related services to the construction industry in the People's Republic of China, with special focus in the nuclear industry segment in the People's Republic of China.

By Order of the Board Ong Tiew Siam Executive Director / Company Secretary 3rd April 2007


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